Low Rate Mortgage Offers Focus The Mind
People who managed to secure low rate mortgage offers are keen to complete their transaction before their offer expires. This has led to a rise in confidence that they will complete the purchase of thei property wihin three months, particularly in Wales, the South East and East Midlands.
According to OnTheMarket:
74% of active buyers in the UK were confident of completing within three months
82% of active sellers were confident tht they would sell their property within three months
60% of properties were Sold Subject To Contract (SSTC) within 30 days of first being advertised for sale, compared with 56% in October 2021
Their data shows that in the East Midlands, seller confidence rose by 8% in October, the highest in the UK which is despite predictions of property prices falling so it appears there is a pool of focussed buyers with mortgage offers who are keen to proceed.
At Bywater Herring, it remains true that a house that is well presented and well marketed at a realistic price will sell. Rock bottom interest rates ren't normal or sustainable and the new normal which is slowly starting to establish itself, is beginning to look a lot like the old one.
We might be in for a tough ride over the coming months but gradually the economy will begin to stabilise and house prices will continue to grow more slowly than the last couple of years.
